Untitled - CMVM [PDF]

Highlights >

The turnover reached 1,074 million Euros

>

The GROUP'S international activity outside Europe amounts to about 62% of the total

>

Europe and Latin America with growth rates of 17% and 24%, respectively

>

The EBITDA margin in the second quarter remained at 13.5%, in line with the first quarter

>

Order book worth about 4.5 billion Euros, of which 78% outside Europe

>

New works awarded after the closure of the quarter, in the amount of 560 million Euros

>

Strengthening of the Waste area, with the integration of EGF in the second half Turnover 1st Ha l f | Group

1.200

1,040

1,122

EBITDA 1st Ha l f | Group

1,074

195

162

145

200

622

668

790

150

400

418 0

2013

406

333 2014

1H15

%T

∆

42

33

2013

2014

1H14

(non audited)

Turnover

Europe

97

50

0

2015

Abroad

162

120

100 Million Euros

Million Euros

800

%T

(non audited)

2Q15

48 2015

%T

∆

(non audited)

2Q14 (non audited)

1,074,418

(4.3%)

1,122,419

590,955

(6.9%)

634,724

Europe

453,503

17.1%

387,330

256,922

22.0%

210,520

Africa

378,865

(32.0%)

556,836

191,692

(41.1%)

325,578

Latin America

289,211

24.1%

233,067

166,455

26.1%

131,989

Other & Interc.

(47,161)

(54,814)

(24,114)

EBITDA

%T

(33,362)

145,093

13.5%

(25.5%)

194,726

17.3%

79,634

13.5%

(33.1%)

119,010

18.7%

76,609

7.1%

(36.2%)

120,116

10.7%

43,153

7.3%

(40.4%)

72,413

11.4%

(42,796)

(4.0%)

16.3%

(51,111)

(4.6%)

(24,651)

(4.2%)

5.0%

(25,945)

(4.1%)

8,500

0.8%

(5,691)

(0.5%)

4,610

0.8%

260.2%

(2,878)

(0.5%)

Income before taxes

42,314

3.9%

(33.2%)

63,314

5.6%

23,112

3.9%

(47.0%)

43,590

6.9%

Net income

28,510

2.7%

(36.4%)

44,857

4.0%

20,249

3.4%

(36.8%)

32,048

5.0%

Non-controlling interests

15,935

1.5%

15.7%

13,773

1.2%

11,074

1.9%

33.4%

8,304

1.3%

∆roup

12,575

1.2%

(59.5%)

31,083

2.8%

9,175

1.6%

(61.4%)

23,745

3.7%

EBIT

Net financial income Net income/losses from equity method

-

Attributable to:

EBITDA = Operating profit + depreciation + provisions and impairment losses The accounts included in this Midterm Report have not been audited.

2

Table of Contents Highlights

2

Midterm Consolidated Management Report

5

Economical and Financial Performance Analysis Analysis by Business Area Behaviour of Stock price performance and dividends

Midterm Consolidated Financial Information Consolidated Income Statement Consolidated Income and Other Comprehensive Income Statement Statement of Consolidated Financial Position Statement of Consolidated Changes in Equity Statement of Consolidated Cash-Flows Notes to the Consolidated Financial Statements

Required Information

Declaration under the terms of article 246 of CVM Information on transactions of own shares Qualified holdings Information on transactions by managing directors

6 12 17

19 21 22 23 24 26 27

47 48 50 50 51

3

5

1. Economic and Financial Performance Analysis Turnover 1 st Half | Group 1.200

1,040

1,122

1,074

Turnover 1st Ha l f 2015 | Business a reas Europe E&C 24%

900

Europe 38% Europe E&S 14%

Million Euros

600 300 0

2013

2014

2015

Latin America 27%

Africa 35%

After an apparent recovery in 2014, the world economy has entered a new period of slowdown, with risks of an increased unfavourable scenario. In this context, the case of Europe should be highlighted, which was negatively influenced in the second quarter by the impact of the Greek crisis, and the case of emerging countries and commoditydependent markets, with special emphasis to the sharp drop in the oil price. This worsening of the global economic context, globally damaged the economic activity, particularly in geographies where the GROUP has significant operations. The turnover in the first half of 2015 reached 1,074 million Euros, representing a slight decrease (4%) over the same period in 2014. We highlight the 17% and 24% growth in the activities in Europe and Latin America, respectively, which offset the weak performance in Africa. It should also be noted the start of several projects in the first half of 2015, particularly in Africa, whose contribution is expected to accelerate throughout the year. In fact, in the second quarter of 2015 the turnover increased by 36%, 31% and 2% in Latin America, Europe and Africa, respectively, compared to the first quarter of 2015. Similarly, several major projects started in the third quarter, particularly in Latin America. In the first half of 2015 the weight of activities outside Europe accounted for 62% of the total, and turnover in this period had a more balanced profile between regions, when compared to 2014, when activities outside Europe reached 70%. The remarkable growth in Europe and Latin America contributed to this evolution, which is in line with the strategy of balancing the activities between regions, but always based on long term growth sustainability and value maximisation goals. Following the approval by the Competition Authority for the acquisition of EGF by the MOTA-ENGIL GROUP, that company will start to be fully consolidated from the third quarter of 2015 onwards. It is worth highlighting that the respective integration process within the GROUP has already begun, namely the organizational changes, in order to promote its optimisation, and the analysis of the back-office structure, in order to maintain existing best practices. At the same time, the integration process intends to leverage other areas with high level of optimisation and experience in MOTA-ENGIL, such as Shared Services and Information Systems.

6

EBITDA 1 st Half | Group

EBITDA 1st Ha l f 2015 | Business a reas Europe - E&S 14%

300 250

162

195

145

200

Europe - E&C 19%

150 Million Euros

Europe 33%

100

Africa 49%

50 0

2013

2014

2015

Latin America 18%

In the first half of 2015 the EBITDA reached 145 million Euros (a 50 million Euro decrease, compared to the same period of 2014). This development was a result of the decrease in Africa's contribution to EBITDA, from 72% in the first half of 2014, to 49% in the first half of 2015, which was not offset by an increase in EBITDA in Europe and Latin America, regions with traditionally lower margins than those recorded in Africa. On the other hand, it is also important to note that the increased volume of activity in Europe was primarily due to the growth of the segment Engineering & Construction, whereas the Environment & Services business segment activity (in which the GROUP is able to obtain higher margins) remained stable, a factor that also contributed to the lower consolidated operating margin compared to the first half of 2014. Thus, the EBITDA margin in the first half of 2015 was 13.5%, compared to 17.3% in the same period last year. This evolution is also explained by the change in regional mix, with a lower contribution from higher margins regions (Africa), and increased contribution from Europe and Latin America regions. It is also worth highlighting that the greater balance in the contribution of each region still enables the achievement of significant operating results: EBIT in the first half of 2015 was 77 million Euros, of which 42% from Africa, with the EBIT margin reaching 7.1%.

7

Capex 1st Ha l f 2015 | Group

Capex Evolution

Europe Europe Latin E&C E&S America -5% 5% 18%

90

74

75

53

7 9

60

Europe - E&C Europe - E&S

Million Euros

45

Africa 78%

Africa & Latin America

30

57

54

1H14

1H15

15 0

Following the heavy investments made during the last quarters of 2014, the investment has been decreasing during 2015, with net investment reaching about 53 million Euros. Once again, the regions of Africa and Latin America justified this investment, since they continue strengthening and/or renewing their equipment in order to address the several projects that are in the start-up phase. In Europe, where outsourcing levels are traditionally high, there was even a negative amount, with the divestment slightly exceeding investment.

Total Net Debt Maturity Evolution

Total Net Debt Evolution 2013 2014

1.400

750

2015

Dec-14 Jun-15

1.200 500

1.000

Million Euros

Million Euros

800 600 400 1Q

2Q

3Q

4Q

250

0

162 575

379 156

596 548

14% 44%

33% 12%

51% 42%

1 year

2 years

21

19

2% 1%

3 to 5 years over 5 years

Such efforts for starting-up new projects and the normal seasonality of the GROUP'S activity had a major impact on net working capital evolution in the first months of the year. As a result, the net debt without leasing and factoring, increased from 1.2 billion December 2014 to 1.3 billion in June 2015. On a quarterly basis, the growth was residual. The ratio that compares the total net debt to the EBITDA increased to 3.6x, up from the 2.8x recorded in December 2014, but still confirming the downward trend, which started about four years ago. Please note that the GROUP keeps its

8

medium and long-term goal of bringing that ratio to less than 3.0x. The average cost of debt decreased to 6.1% in the first half of 2015, despite the higher weight of debt contracted outside Europe, in line with the financing strategy that aims to allocate debt to the regions, in accordance with the respective cash flow uses and sources. It should be highlighted that already after the end of the second quarter, in July 2015, the GROUP successfully completed a bond issue and exchange operation, maturing in February 2020, amounting to 95 million Euros, with a coupon of 3.9%. In June 2015 the average debt life was 2.04 years. Since that bond issue was completed in early July, its impact is not reflected either in this indicator, or in the above charts, namely in the evolution of debt maturity. If we include this operation, the average debt life would rise to 2.2 years. In 2015 the GROUP will continue to pursue its financial strategy, and as such, it is expected that additional measures will take place to increase debt maturities, including reduction of short-term debt, increase cash, such as liquidity lines and reduce the debt interest costs. In late June 2015, the GROUP had contracted undrawn credit lines amounting to 282.7 million Euros, resulting in a total amount of effective liquidity of 625.2 million Euros.

-80 -60

Net Income 1 st Half | Group

Net Financial Income 1 st Half | Group 60

-51.6

-51.1

-42.8

50

20.7

31.1

12.6

2013

2014

2015

40 30 Million Euros

Million Euros

-40 -20 -0

2013

2014

2015

20 10 0

In the first six months of 2015, net interest bearing expenses amounted to 41.7 million Euros, in line with the previous year (1Q14: EUR 41.5 million), notwithstanding the increase in net debt. This evolution resulted from increased efforts towards the improvement of pricing conditions in new funding. Thus, net financial results dropped to 42.8 million Euros (1Q14: EUR 51.1 million), mainly due to reduced costs with guarantees and banking services, and to the increased gains related to the mark-to-market of derivative financial instruments.

9

140

MI

Million Euros

0

Equity Method

EBIT

Net income

EBIT

35

MI

Tax

35

Net income

70

Financial

70

Financial

105

Tax

105

Million Euros

Net Income Composition 1st Half 2014 | Group

Equity Method

Net Income Composition 1st Half 2015 | Group

140

0

The gains and losses in associated companies (Equity Method in the chart) had a positive contribution of 8.5 million Euros, compared to a negative amount of 5.7 million Euros in the same period last year, following the reduction of the negative impact from the stake in Martifer. Ascendi, the sub-holding for road concessions, contributed in the first six months of 2015 with about 9.5 million Euros, up from about 6 million Euros in the first half of 2014. In the first half of 2015, taxes decreased to 13.8 million Euros (1Q14: EUR 18.5 million), although the effective tax rate increased, as a result of the greater weight of taxable income in markets with higher marginal tax rates. As a result of such operational and financial performance, the net income was 29 million Euros, and the net margin reached 2.7% in the first six months of the year. The net profit attributable to the GROUP decreased to 12.6 million Euros (1Q14: EUR 31.1 million), and was negatively impacted by an increase in minority interests to 16 million Euros, following the listing of MOTA-ENGIL AFRICA in November 2014.

Backlog Evolution 6.000

3,357

3,870

4,413

Backlog June 30, 2015

4,466 Europe E&C 16%

4.500

Latin America 45%

Million Euros

3.000

Europe E&S 5%

1.500

0

Africa 34%

2012

2013

2014

1H15

The order book, by the end of June 2015, amounted to about 4.5 billion Euros, of which about 3.5 billion Euros in markets outside Europe, representing 78% of the total. Thus, there was a slight increase compared to the figure at the end of 2014, with Latin America and Africa recording figures higher than in December. In Europe the order book amounted to 965 million Euros, remaining relatively stable compared to the first quarter of 2015, as well as to December 2014. Among the major projects currently being executed are the road works S11 OstrowWielkopolski, in Poland, and I/11-Oldrichovice-Bystrice, in the Czech Republic.

10

In Africa the order book amounted to 1,504 million Euros, showing a more diversified composition and thus more sustainable, but also more demanding. In fact, the Eastern and Western regions already contributed with 11% to the total backlog in the region, while the SADC region contributed with 48%. The continuous search for new projects and integrated solutions allows the Group to maintain the growth expectations for order book values, while it is also expected a recovery of the global activity levels in the region. It is worth highlighting that, among others, the Calueque Dam and the rehabilitation works of the streets of Luanda, in Angola, are underway, as well as the rehabilitation of the Sena Line II and a mining contract in Mozambique. In Latin America, where the order book amounted to 2 billion, Mexico remains the country with the largest amount among the three regions, reaching 1.2 billion Euros by the end of June 2015. In that region, it is worth highlighting the Guadalajara metro project, in Mexico, and the BR381 highway project, in Brazil. It should be pointed out that taking into account the opportunities that the region presents, it is expected that the future backlog shall remain robust. As usual, the backlog outside construction only includes contracts in the waste and maintenance activities. The GROUP does not consider as part of the order book foreseeable revenues from water and sanitation concession contracts, and from the operation of port terminals. Additionally, it should be noted that, after the closure of the second quarter, the GROUP was awarded a number of works, totalling more than 560 million Euros, of which the following stand out, but not limited to: • In Europe: three contracts in Poland totalling about 125 million Euros, including a small venture in the railway segment (first project of this specialty in this market); • In Africa: several contracts in the SADC and Western regions, totalling 60 million Euros; • In Latin America: new contracts amounting to about 380 million Euros, with emphasis to a railway contract in Brazil, amounting to 113 million Euros, and a multi-year road maintenance and rehabilitation contract in Mexico, worth 115 million Euros.

11

2. Analysis by Business Area Europe Turnover 1 st Half

EBITDA 1 st Half

E&C

E&C

E&S

600

444

387

E&S

454

60

44

37

44

45 400

200

0

291

234

304

156

156

152

2013

2014

2015

Million Euros

Million Euros

30

17

13

23

15 0

27

24

21

2013

2014

2015

The Europe business area includes businesses and companies working in Engineering & Construction, and in Environment & Services owned by the GROUP, in Portugal and in Central Europe, or that are managed by this region's management structure. In the Environment & Services field, there are various activities developed in the areas of Logistics (by TERTIR), Waste (through SUMA), Water (sector for which INDAQUA, provides a contribution accounted for by the equity method) and Energy & Maintenance. The turnover in Europe in the first half of 2015 amounted to 454 million Euros, reflecting an increase of 17% over the same period of 2014 (1Q14: EUR 387 million). This performance was due to a 30% growth in the Engineering & Construction segment over the same period in 2014, mainly due to the significant increase in activities in Central Europe. Also, in terms of operating profitability, EBITDA grew by 21% compared to the same period last year, due not only to activity growth but also to the margin increase in the Engineering & Construction segment, from 5% to 8%, which offset the margin decrease from 15% to 14% in the Environment & Services segment.

12

Turnover 1 st Half 234 304

38

39

EBITDA 1 st Half

96 104

22

9

12.8 23.5

8.2 8.3

14.0 12.4 1.4 0.7

300 240 180

1H14

15

1H14

1H15

1H15

10

60 0

E&C

E&S - W aste E&S - Logisti c E&S - Energ. & Mai n.

Million Euros

Million Euros

120 5 0

E&C

E&S - W aste E&S - Logisti c E&S - Energ. & Main.

In the first half of 2015, the turnover of the Waste segment in Europe remained at 39 million Euros, compared to the same period last year (1S14: EUR 38 million) showing once again the resilience of this business segment, with an EBITDA margin of 21%, relatively in line with the first half of 2014. The turnover in the Logistics segment grew by 8%, to 104 million Euros in the first half over the same period of the previous year (1S14: EUR 96 million), keeping up with the recovery trend recorded in recent quarters. However, in 2015 the operating profitability has been affected by the mix of activities, which saw an increase in the weight of the business developed by TRANSITEX (freight forwarding). Thus, the Logistics segment showed an EBITDA of 12.4 million, which corresponds to an EBITDA margin of 12%, in the first half of 2015. The Energy & Maintenance companies now have an almost exclusive contribution of MANVIA, and so there was a reduction in their turnover. However, the improvement in the operating margin should be highlighted, which reached 7.6% in the semester. A final reference in this area goes to the Water segment. Consolidated by the equity method, this segment has no impact on the GROUP'S operating results, but stands out for its operating performance, with an EBITDA margin of about 40%, and its turnover recording an increase of about 6%, having thus contributed towards the GROUP'S results by 0.6 million Euros.

13

Africa EBITDA 1 st Half

Turnover 1 st Half

433

557

379

600

2013

2014

2015

90

300

60

200

Million Euros

Euros

71

120

400

Million

141

150

500

100 0

103

2013

2014

2015

30 0

In the first half of 2015, the Africa business area accounted for about 35% of the total activity of the MOTA-ENGIL GROUP, (1S14: 50%), which was due to the lower business volume in the region, and to the increase in Europe and Latin America. So, until June 2015, the turnover in Africa amounted to 379 million Euros, a decrease when compared to the figure of the previous year (EUR 557 million), mainly due to lower activities in Malawi and Angola, which were not offset by increased activities either in the SADC region, particularly in Mozambique, or in the Western and Eastern regions. These two regions accounted for 3.9% of the total, compared with 1.6% in the same period of 2014. The EBITDA margin in the region was 18.8%, showing a positive development in the second quarter over the first quarter, still below the figures of the same period in the former year, but in line with the acceleration prospects for the second half. This evolution is due to the positive impact in 2014, of the Nacala Corridor project, but also, to a lesser extent, to the start-up efforts of various projects in the SADC and Western regions, which temporarily puts pressure on margins, causing 2015 to be a transition year, both in terms of development of activities, as well as in terms of operating performance.

14

Latin America

Turnover 1 st Half

233

289

250

25

200

20

150

15

100

10 Million Euros

Million Euros

189

EBITDA 1 st Half

50 0

2013

2014

2015

16

21

26

2013

2014

2015

5 0

In Latin America revenues increased by 24% to 289 million Euros (1S14: EUR 233 million), representing 27% of the GROUP total (1S14: 21%), contributing towards balancing the contribution of the three regions towards the consolidated turnover. Such an increase was the result of a better performance in all countries, except for Peru, where the turnover remained below the levels of the previous year, although from the point of view of operating results this country also recorded a recovery in performance. So when it comes to operating profitability, there has been a 23% rise in the EBITDA to approximately 25.7 million Euros (1S14: EUR 20.9 million), with the margin reaching 8.9%. As far as Brazil is concerned, it should be noted that despite the less favourable economic situation, the market still represents excellent opportunities, especially in the private customers sector, to which the Group has been devoting greater attention, though with the appropriate conservatism. A final highlight, to the start up - already in the third quarter -, of several works associated with the recently announced concessions (Mexico and Colombia) that will accelerate the pace of growth of activities in the region.

15

3. Stock price performance and dividends Evolution of liquidity of shares by quarters

Performance of share price 1st Half 2015 150%

80

140% 130%

60

120% 110%

40

90%

20

2014

2015

ME

PSI20

Jun-15

4Q

May-15

2013

3Q

Apr-15

2Q

Mar-15

1Q

Feb-15

70%

0

Jan-15

80% Dec-14

Million shares

100%

SXOP

In the first half of 2015 the Portuguese equity market, PSI 20, showed a positive performance of 16%, but was however negatively affected, in the second quarter, by the impact of the crisis that characterized Europe, and more specifically Greece, within the context of the negotiations of this country with the European Union, concerning the need for a new financial bailout plan. The uncertainty around the negotiations has led to increased risk aversion among investors, and to increased volatility in the equity market, especially in Europe. Thus, that index showed a negative performance of 7% in the second quarter. Also, the European Index for the Construction sector, the SXOP, followed the same trend, closing the semester with a 14% increase, despite the 4% devaluation in the second quarter. The MOTA-ENGIL shares showed a 14% decline in the first half of 2015, thus reversing the first quarter upwards trend, when the Group's shares appreciated by 29%. The reversal of the trend recorded in the second quarter, common to the equity market during that period, was also influenced by news about the financial performance of some construction companies, as well as by the difficult environment in peripheral countries of the Eurozone. Furthermore, despite the recovery of the Oil price in the second quarter, most commodities remained in negative territory, with little chances of recovery in the medium and long term, influencing the perception of risk of companies with activities in countries exposed to commodity prices, notably in Africa. Thus, MOTA-ENGIL shares closed the semester at 2.282 Euros, reaching a maximum and a minimum of 3.643 Euros and 1.936 Euros, respectively. In that period, 117 million MOTA-ENGIL shares were traded at Euronext Lisbon, corresponding to an average daily volume of 934,000 shares. The General Shareholders' Meeting, held on May 28, 2015, approved the distribution of a dividend of twelve cents (0.12 Euros) per share for the year of 2014, in line with the dividend distribution policy in place at Mota-Engil that defines a payout ratio between 50% and 75% of recurrent net income.

16

th

Porto, August 30 , 2015 Gonçalo Moura Martins Chief Executive Officer José Pedro Freitas Chief Financial Officer

17

18

20

Consolidated Income Statement For The Periods Ended June 30, 2015 & 2014 1st Half 2015 € '000

Notes

Sa l es a nd s ervi ces rendered

2

Other revenues Cos t of goods s ol d, ma teri a l s cons umpti on a nd s ubcontra ctors Gross profit Thi rd-pa rty s uppl i es a nd s ervi ces Wa ges a nd s a l a ri es Other opera ti ng expens es , net 2 Depreci a ti on a nd a morti za ti on Provi s i ons a nd i mpa i rment l os s es

2nd

2014 € '000

Quarter

2015 € '000

2014 € '000

(non audited)

(non audited)

(non audited)

(non audited)

1,074,418 8,785 (498,509)

1,122,419 44,337 (485,457)

590,955 (6) (298,450)

634,724 19,697 (286,505)

584,694

681,298

292,499

367,916

(223,711) (231,911) 16,021

(259,938) (220,754) (5,880)

(109,627) (118,847) 15,609

(134,922) (116,316) 2,331

145,093

194,726

79,634

119,010

(66,601) (1,883)

(67,180) (7,431)

76,609

(40,911) (5,686)

43,153

72,413

18,810 (61,606) 8,500 42,314 (13,803)

13,570 (64,681) (5,691) 63,314 (18,457)

4,567 (29,218) 4,610 23,112 (2,863)

6,089 (32,034) (2,878) 43,590 (11,542)

Consolidated net profit for the period

28,510

44,857

20,249

32,048

Attributable: to non-controlling interests to the Group

15,935 12,575

13,773 31,083

11,074 9,175

8,304 23,745

0.061 € 0.061 €

0.152 € 0.152 €

0.045 € 0.045 €

0.116 € 0.116 €

Operating profit Fi na nci a l i ncome Fi na nci a l cos ts

3 3

Ga i ns / (l os s es ) i n a s s oci a tes a nd joi ntl y control l ed compa ni es Consolidated net profit before income tax Income Ta x

Earnings per share: basic diluted

4 4

120,116

(34,883) (1,599)

To be rea d wi th the Notes to the Cons ol i da ted Fi na nci a l Sta tements

21

Consolidated Statement of Comprehensive Income For The Periods Ended June 30, 2015 and 2014 nd 2 Quarter

1st Half

2015 € '000

2014 € '000

2015 € '000

2014 € '000

(não auditado)

(não auditado)

(não auditado)

(não auditado)

28,510

44,857

20,249

32,048 5,327 (23,449) (735)

Consolidated net profit for the period Items of other comprehensive income that may be reclassified to the income statement Exchange differences stemming from transposition of financial statements expressed in foreign currencies Variation, net of tax, of the fair value of financial derivatives Other comprehensive income/(expense) in investments in associates using the equity method Other comprehensive income

19,634 52 24,550 (5,897)

6,265 71 (28,248) (2,574)

(30,020) 18 19,701 (5,900)

Total of comprehensive income for the period

66,849

20,370

4,048

13,192

Attributable: to non-controlling interests to the Group

18,068 48,781

13,890 6,479

(2,134) 6,182

7,708 5,483

To be read with the Notes to the Consolidated Financial Statements

22

Consolidated Statement of Financial Position as at June 30, 2015 & December 31, 2014 2015 € '000

Notes

2014 € '000

(non audited)

(audited)

136,454 124,222 771,464 196,782 66,668 70,205 225,659 8,877 7,915 60,510 -

136,677 127,668 771,662 161,697 51,026 69,106 215,093 13,017 4,214 56,052 68,067

1,668,756

1,674,279

291,421 899,402 274,791 36,497 540,713 66,007 276,469

301,421 975,740 253,942 40,372 363,488 5,190 317,349

2,385,299

2,257,503

29,964

29,980

2

4,084,020

3,961,761

9

722,460 152,390 123,373 4,036 36,185

996,857 157,832 125,120 4,181 40,456

1,038,444

1,324,445

917,837 413,653 157 486,329 58,133 553,691

552,260 431,792 313 526,575 56,748 491,639

2,429,800

2,059,328

3,468,244

3,383,773

Shareholders' equity Equity capital Reserves Consolidated net profit for the period

204,636 120,866 12,575

204,636 58,665 50,550

Own funds attributable to the Group

338,076

313,851

Assets Non-current Goodwill Intangible fixed assets Tangible fixed assets Financial investments under the equity method Available for sale financial assets Investment properties Trade and other receivables Other non-current assets Derivative financial instruments Deferred tax assets Cash and cash equivalents - term deposits Current Inventories Trade receivables Other receivables State and other public entities Other current assets Cash and cash equivalents - term deposits Cash and cash equivalents – demand deposits

5

6 7

8

8 8

Non-current Assets Held for Sale Total Assets Liabilities Non-current Loans Sundry Creditors Provisions Other non-current liabilities Deferred tax liabilities Current Loans Trade payables Derivative financial instruments Sundry Creditors State and other public entities Other current liabilities Total Liabilities

9

2

Non-controlling interests Total shareholders' equity Total shareholders' equity & liabilities

277,700

264,137

615,776

577,988

4,084,020

3,961,761

To be read with the Notes to the Consolidated Financial Statements

23

Statement of During The Periods Ended

Fair value reserves Share capital Balance as at January 1, 2014 (audited)

Issue premiums

Treasury shares

Available-for-sale investments

Lands assigned to quarrying operations

Derivatives

87,256

27,702

10,306

-

22,749 -

-

-

-

Balance as at June 30, 2014 (non audited)

204,636

-

87,256

27,702

10,306

(428)

Balance as at January 1, 2015 (audited)

204,636

-

44,435

27,702

2,968

(238)

-

-

-

-

-

204,636

-

44,435

27,702

2,968

Total comprehensive income for the period Dividend distribution Sale of treasury shares Transfers for other reserves

Total comprehensive income for the period Dividend distribution Transfers for other reserves Balance as at June 30, 2015 (non audited)

204,636

(22,749)

To be read with the Notes to the Consolidated Financial Statements

24

(499) 71 -

52 (187)

Changes in Equity June 30, 2015 and 2014

Currency translation reserve

Other reserves

Net Profit

(53,001)

53,341

50,505

4,691 -

(29,366) (25,273) 25,178 50,505

31,083 (50,505)

(48,310)

74,385

(32,131) 14,112 (18,019)

Own funds attributable to shareholders

Own funds attributable to noncontrolling interests

Shareholders' equity

357,495

201,731

559,226

6,479 (25,273) 47,927 -

13,890 (19,138) -

20,370 (44,410) 47,927 -

31,083

386,629

196,483

583,112

15,929

50,550

313,851

264,137

577,988

22,042 (24,556) 50,550

12,575 (50,550)

63,966

12,575

48,781 (24,556) 338,076

18,068 (4,505) 277,700

66,849 (29,061) 615,776

25

Consolidated Statement of Cash-Flows For The Periods Ended June 30, 2015 and 2014 2015 € '000

Notes OPERATING ACTIVITY Cash received from customers Cash paid to suppliers Cash paid to employees

(non audited) 946,206 (768,365) (152,276)

Cash generated from operating activities

(non audited) 943,228 (820,342) (173,967)

25,565

(51,081)

(6,547) 4,074

(26,453) 4,255

23,092

(73,279)

625 309 17,386 93 3,386 1,362

8 5,434 2,247 1,043

23,162

8,731

(6,669) (2,228) (68,772)

(6,615) (72,795)

(77,669)

(79,410)

(54,508)

(70,679)

123,444 -

203,979 49,251

123,444

253,230

(32,264) (25,465) (59,662) (30,602) -

(69,040) (24,205) (44,943) (57,134) (3,197)

(147,993)

(198,519)

(24,549)

54,711 (89,247) 37 1,550 359,733 272,072

Income tax paid Other receipts generated by operating activities Net cash from operating activities (1) INVESTING ACTIVITY Cash receipts from: Financial investment Intangible fixed assets Property, plant and equipment Investment grants Interest and similar income Dividends Cash paid in respect of: Financial investment Intangible fixed assets Property, plant and equipment Net cash from investing activities (2) FINANCING ACTIVITY Cash receipts from: Loans obtained Sale of treasury shares Cash paid in respect of: Loans obtained Amortization of finance lease contracts Interest and similar expense Dividends Other Net cash from financing activities (3) Variation of cash & cash equivalents (4)=(1)+(2)+(3) Variations caused by changes to the perimeter Exchange rate effect Cash & cash equivalents at the beginning of the period

8

(55,964) 60 7,774 390,606

Cash & cash equivalents at the end of the period

8

342,475

To be read with the Notes to the Consolidated Financial Statements

26

2014 € '000

0. Introduction The core business of Mota-Engil, SGPS, SA, with head office at Rua do Rego Lameiro, nº 38, Porto, (MOTA-ENGIL SGPS or COMPANY), and subsidiaries (Group) is public and private construction work and related activities. The detailed description of the Group’s activities is provided in Note 2. Business Segments. All amounts in these notes are in thousand Euros, except if expressly stated otherwise.

1. Accounting Policies 1.1. Presentation bases The attached financial accounts cover the consolidated financial reports for the Mota-Engil Group were prepared following the assumption of operations continuity based on the books and accounting records of the companies comprising the Group so that the consolidated financial statements are in accordance with the International Financial Reporting Standards (IAS/IFRS) issued by the International Accounting Standards Board (IASB) and the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) or by the previous Standing Interpretations Committee (SIC) which have been adopted within the European Union. The consolidated financial statements of Mota-Engil Group regarding the period ended in June 30, 205 were issued pursuant to the accounting policies and calculation methods adopted by the Group and presented in the 2014 Consolidated Report and Accounts, taking into account the provisions of IAS 34 - Interim Financial Reporting. During the period ended in June 30, 2015, following standards, interpretations, amendments and revisions endorsed by the European Union became applicable: EU Regulation Regulation no. 2015/29 Regulation no. 2015/28

Standard Amendment to IAS 19 - Emplyee benefits Improvements to International Financial Reporting Standards (2010-2012 cycle)

Issued in november 2013 december 2013

Mandatory for financial years beginning on or after july 1, 2014 july 1, 2014

The application of these standards did not produce significant effects in these consolidated financial statements. The consolidated financial statements are presented in Euro (thousands). The financial statements of the subsidiaries in foreign currency were converted into Euro in accordance with the accounting policies described in subparagraph xiii) of the main valuation criteria presented in the 2014 Consolidated Report and Accounts. All estimates and assumptions made by the Board of Directors were based on their knowledge of the events and transaction in course, as at the date of approval of the financial statements. In preparing the consolidated financial statements, in conformity with IAS/IFRS, the Group’s Board of Directors adopted certain assumptions and estimates which affect the reported assets and liabilities, as well as the income and costs incurred relative to the reported periods, which are described in subparagraph xxi) of the main valuation criteria presented in the 2014 Consolidated Report and Accounts.

27

2. Business Segments The Group uses its internal organization for management purposes and as base for its reporting of information by operation segments. The Group is organized into the following geographical areas: Europe, Africa and Latin America. Values concerning MOTA-ENGIL SGPS, MESP and Group companies in the Tourism area are included in “Others, eliminations and intra-group”, which also included the amounts related to flows and balances between operational segments. The first six months of 2015 had no materially relevant alterations regarding the consolidation perimeter and therefore the effects over the main headings of the financial and results statements are not presented. The companies included in the consolidation and relevant consolidation methods, head offices, real participation percentages, activity, incorporation date and date of acquisition of shares are those presented in Annex A. The main alterations occurred in the consolidation perimeter for the period ended June 30, 2015 are referred in Note 10. Perimeter Alterations. The financial information by operational segments can be analysed as follows: Sales and services rendered 2015 Europe Africa Latin America Others, eliminations & intra-group Mota-Engil Group

453,503 378,865 289,211 (47,161) 1,074,418

2014 387,330 556,836 233,067 (54,814) 1,122,419

EBITDA 2015

2014

44,247 71,222 25,712

36,588 140,989 20,934

3,913 145,093

(3,785) 194,726

As at June 30, 2015, the sales and service provisions for the business segments are included in “Others, Eliminations and Intra-group”. For the periods ended June 30, 2015 and 2014, intra-group sales were made at similar prices to those for external clients.

28

Total net assets and liabilities for the Group by business segments are as follows: Net Assets 2015 Europe Africa Latin America Other, Eliminations and Intercompany Mota-Engil Group

1,811,216 1,767,669 693,083 (187,948) 4,084,020

Liabilities 2014 1,885,709 1,694,751 536,591 (155,289) 3,961,761

2015

2014

1,261,619 1,322,153 616,630

1,340,577 1,287,013 464,973

267,842

291,211

3,468,244

3,383,773

3. Financial Results Financial results for the periods ended June 30, 2015 and 2014 are as follows: 2015 Financial income & gains Loans and accounts receivable: Interest income Payments discounts received Net exchange gains Other financial assets & liabilities: Income from real estate properties Fair value gains - derivative financial instruments Other financial income & gains Financial costs and losses Loans and Accounts Payable: Interest expenses Payments discount given Exchange expenses Other financial costs & losses

2014

10,477 409 -

7,391 177 2,837

515 5,201

457 908

2,209

1,801

18,810

13,570

52,191 167 466

48,916 58 -

8,781

15,708

61,606

64,681

(42,796)

(51,111)

Heading “Income from real estate properties” includes mainly income from buildings located in Portugal. Heading “Other costs and financial losses” includes mainly costs with bank guarantees, preparation of loans and several commissions and others costs charged by financial institutions.

29

4. Earnings per share The company issued only common shares and therefore there is no special dividend or voting rights. There is no situation in the Group which might lead to a reduction of earnings per share as a result of options, warrants, convertible bonds or other rights associated to ordinary shares. Therefore, there is no dissimilarity between the calculation of basic earnings per share and the calculation of diluted earnings per share. During the periods ended in June 30, 2015 and 2014 no common shares were issued. For the periods ended in June 30, 2015 and 2014, the earnings per share were as follows: 2015 Resultado líquido consolidado do período atribuível ao Grupo Número total de ações ordinárias Número de ações próprias no final dos 6 Meses Número médio ponderado de ações próprias Número de ações em circulação Resultado por ação: básico diluído

30

(I) (II) (III) (IV) (II - IV) (I) / (II - IV) (I) / (II - IV)

2014

12,575 204,635,695 204,635,695 0.061 € 0.061 €

31,083 204,635,695 204,635,695 0.152 € 0.152 €

5. Goodwill The information on goodwill, for the period ended June 30, 2015 and the year ended December 31, 2014, is as follows: 2014

2015 Goodwill Europe Engeneering & Construction Mota-Engil Central Europe Poland Mota-Engil Central Europe Czech Rep. Other Europe Environment & Services Suma Group Tertir Group Other Africa Cecot Mota-Engil S.Tomé Vista Water ME Construction South Africa Latin America Empresa Construtora Brasil Consita

Alterations to the consolidation perimeter

Impairments of the period

Net Goodwill

Net Goodwill

8,739 1,144 1,787

-

-

8,739 1,144 1,787

8,571 1,139 1,787

11,671

-

-

11,671

11,497

9,555 100,856 1,134

-

-

9,555 100,856 1,134

9,555 100,856 1,134

111,544

-

-

111,544

111,544

1,440 143 1,841 3,437

-

-

1,440 143 1,841 3,437

1,440 143 1,841 3,341

6,861

-

-

6,861

6,765

5,765 612

-

-

5,765 612

6,211 660

6,377

-

-

6,377

6,871

136,454

-

-

136,454

136,677

The movements which occurred in goodwill during the period until June 30, 2015 and the year ended December 31, 2014 are as follows: % of acquisition Goodwill at the beginning of the period Increase of goodwill ME Construction South Africa Consita Impairment losses Ekosrodowisko Suma Group Changes in goodwill for variation of perimeter Sol-S Internacional Changes in goodwill for currency update Empresa Construtora Brasil Mota-Engil Central Europe Polónia Mota-Engil Central Europe República Checa Other

100% 70%

2014

2015 136,677

133,611

-

3,341 660

-

4,000

-

(196) (524) (720)

-

(30) (30)

(446) 223 (224)

Goodwill at the end of the period

136,454

70 (245) (4) (6) (184) 136,677

31

6. Financial investments through the equity method In June 30, 2015 and December 31, 2014, the values relative to financial investments stated through the equity method are broken down as follows: 2015 Associate companies Obol Invest Group HEPP Suma Group associates SLPP Group Ibercargo (Spa) Manvia II Condutas Tersado Autopista Urbana Siervo de la Nacion Concessionária Autopista Cardel Concessionária Autopista Tuxpan-Tampico Martifer Group Other Jointly controlled companies Ascendi Group Indaqua Group TPE Paita

2014

22,692 1,555 2,616 2,053 56 923 822 2,241 4,180 9,609 5,751

22,651 1,556 2,691 1,804 34 832 1,116 2,071 2,180 8,880 2,079 5,851

84,960 23,519 35,804

55,039 21,941 32,972

196,782

161,697

7. Financial investments available for sale As at June 30, 2015 and December 31, 2014, the detail of financial investments available for sale is as follows: 2015 Investments in equity instruments (recorded at cost) Auto-Sueco Angola BAI-Banco Angolano de Investimentos Carbine Tungstene Ecodetra Ersuc Tirtife Other

2014

2,724 39,904 1,704 1,153 554 901 2,030

2,724 39,904 1,704 1,153 554 901 2,269

48,970

49,208

2015 Securities Angolan Government Securities Other

2014

12,867 5

11

12,872

11

2015 Advances & other investments Estradas do Zambeze Other Financial investments available for sale

32

2014

4,800 26

1,800 7

4,826

1,807

66,668

51,026

8. Cash and equivalents The amounts for the heading Cash and Equivalents, regarding the period ended in June 30, 2015 and December 31, 2014 are as follows: Term deposits (1)

Demand deposits 2015 Other applications Bank deposits and cash in hand Bank deposits Cash on hand

2014

2015

Total

2014

2015

2014

4,398

5,040

-

-

4,398

5,040

265,856 6,215

306,563 5,745

66,007 -

73,257 -

331,863 6,215

379,821 5,745

276,469

317,349

66,007

73,257

342,475

390,606

(1) Includes the amount of 68,067 thousand euros booked as non-current in 2014.

9. Debt The amounts regarding debt for the period ended in June 30, 2015 and December 31, 2014 are as follows: Current (1 year) 2015 Non-convertible bond loans Amounts owed to credit institutions Bank loans Overdraft facilities Current account facilities Other loans obtained Commercial paper issues Other loans 2014 Non-convertible bond loans Amounts owed to credit institutions Bank loans Overdraft facilities Current account facilities Other loans obtained Commercial paper issues Other loans

2 years

3 to 5 years

over 5 years

Non-current

Total

223,850

7,500

235,457

-

242,957

466,807

274,628 114,388 211,577

105,065 -

114,773 -

18,420 -

238,258 -

512,886 114,388 211,577

91,187 2,208

39,650 3,408

193,077 4,743

366

232,727 8,518

323,914 10,725

917,837

155,623

548,050

18,786

722,460

1,640,297

10,000

226,183

230,743

-

456,926

466,926

197,540 59,340 201,715

115,092 -

147,947 -

21,016 -

284,055 -

481,595 59,340 201,715

81,400 2,265

35,340 2,534

211,436 6,199

366

246,776 9,099

328,176 11,364

552,260

379,148

596,326

21,383

996,857

1,549,117

Although the commercial paper issues fall due at one year, they are covered by medium and long term programmes which ensure their automatic renewal over time. In view of these circumstances, and since the Group’s Board of Directors intends to continue to use the said issues for periods greater than 12 months, said debts were recorded in long and medium term.

33

10. Perimeter Alterations For the period ended June 30, 2015, there were no materially relevant alterations to the perimeter, hence the effects are not presented under the main headings of the statement of the financial position and income statement. For the first six months of 2015, the alterations occurred in the consolidation perimeter were as follows: Constitution of companies Business Area - Europe - Engineering and Construction Bukowinska Project Development

Business Area - Europe - Environment and Services Transitex China Transitex Serviços de Logistica

Business Area - Latin America Mota-Engil Turismo (Mex)

Merger of companies, corporate reorganisation and alterations of percentage holding Business Area - Europe - Engineering and Construction Száz - Invest in Mota-Engil Real Estate Hungria Bicske Plaza in Mota-Engil Real Estate Hungria Zold-Project 2 in Mota-Engil Real Estate Hungria

Leaving of companies Business Area - Europe - Engineering and Construction M-Invest Bohdalec liquidated in April 2015 ME Project 1 liquidated in April 2015 Jeremiasova sold in April 2015

34

Appendix A

Appendix A. Consolidated companies Investments in subsidiaries included in consolidated financial statements Investments in subsidiaries included in consolidated financial statements using the full consolidation method, their registered offices, the percentage of share capital held, their business, their constitution date, are as follows: Designation

Headquarters

Effective holding percentage

Activity

Set up date

Acquisition date

-

Management of financial holdings

ago-90

-

100,00

Real Estate Development

-

out-01

Management of financial holdings

out-11

-

Administrative Services

dez-02

-

Marketing and development of trademarks and other intellectual property Management of financial holdings

dez-09

-

nov-10

-

Real Estate Development

mar-02

-

Parent Company of the Group and Related Activities Mota-Engil, SGPS, S.A., Sociedade Aberta ("Mota-Engil SGPS") Largo do Paço – Investimentos Turísticos e Imobiliários, Lda. ("Largo do Paço") Through Mota-Engil SGPS ME 3I, SGPS, S.A. ("ME 3I SGPS") Through Mota-Engil Indústria e Inovação MESP - Mota Engil , Serviços Partilhados, Administrativos e de Gestão, S.A. ("Mota-Engil Serviços Partilhados") Through Mota-Engil Engenharia Mota-Engil, Brands Development Limited ("Mota-Engil Brands Development") Through Mota-Engil, SGPS Mota-Engil Indústria e Inovação, SGPS, S.A. ("Mota-Engil Indústria e Inovação") Through Mota-Engil SGPS MK Contractors, LLC ("MKC") Through Mota-Engil Engenharia Mota-Engil Finance, B.V. ("ME Finance BV") Through Mota-Engil SGPS Mota-Engil Mining Management (Proprietary) Limited ("ME Mining Management") Through Mota-Engil Minerals Mining Investment B.V. Mota-Engil Minerals & Mining (Malawi) Limited ("ME Minerals & Mining Malawi") Through Mota-Engil Minerals Mining Investment B.V. Mota-Engil Minerals & Mining (Zimbabwe) (Private) Limited ("ME Minerals & Mining Zimbabwe") Through Mota-Engil Minerals Mining Investment B.V. Mota-Engil Minerals Mining Investment B.V. ("ME Minerals Mining Investment BV") Through Mota-Engil SGPS RTA - Rio Tâmega, Turismo e Recreio, S.A. ("RTA") Through Mota-Engil SGPS SGA – Sociedade de Golfe de Amarante, S.A. ("SGA") Through RTA Through Mota-Engil Engenharia

Portugal (Porto) Portugal (Amarante) Portugal (Linda-a-Velha) Portugal (Porto) Ireland (Dublin) Portugal (Linda-a-Velha) USA (Miami) Netherlands (Amsterdam) South Africa (Johannesburg) Malawi (Lilongwe) Zimbabwe (Harare) Netherlands (Amsterdam) Portugal (Amarante) Portugal (Amarante)

100,00 61,20 61,20 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00

dez-12

-

abr-11

-

Prospecting, exploitation and processing of minerals

mar-11

-

Prospecting, exploitation and processing of minerals

mai-11

-

out-10

-

Consulting Services

Human Resources Management in Mining 100,00 99,99 99,99 100,00 100,00 100,00 100,00 100,00 100,00 97,17 96,89 0,28

Management of other companies Real Estate and Tourism

-

mai-00

Golf Practice and Marketing and related activities

dez-00

-

Construction works, and purchase and sale of real estate Real Estate Development

-

dez-00

dez-93

-

Real Estate Development

-

set-00

Extraction of gravel, sand and crushed stone

mar-77

out-09

Construction works, studies and real estate

-

nov-00

Real Estate Development

jun-94

-

Real Estate Development

mar-02

-

Treatement of waste, exploitation and management of water sytems Special foundations

jan-08

-

fev-96

dez-95

Real Estate Development

jul-09

mar-11

Construction works

jan-97

jan-01

Construction works

out-07

-

Europe Engineering and Construction Mota-Engil Engenharia e Construção, S.A. (“Mota-Engil Engenharia”) Through Mota-Engil Europa Aurimove – Sociedade Imobiliária, S.A. (“Aurimove”) Through Mota-Engil Real Estate Portugal Calçadas do Douro - Sociedade Imobiliária, Lda. (“Calçadas do Douro”) Through Mota-Engil Real Estate Portugal Carlos Augusto Pinto dos Santos & Filhos S.A. ("Capsfil") Through Mota-Engil Engenharia Corgimobil - Empresa Imobiliária das Corgas, Lda. ("Corgimobil") Through Mota-Engil Engenharia Through Mota-Engil Real Estate Portugal Edifício Mota Viso – Soc. Imobiliária, Lda. (“Mota Viso”) Through Mota-Engil Real Estate Portugal Edipainel – Sociedade Imobiliária, Lda. (“Edipainel”) Through Mota-Engil Real Estate Portugal Through Mota-Engil Engenharia Glan Agua, Ltd (“Glanagua”) Through MEIS Grossiman, S.L. ("Grossiman") Through Mota-Engil Engenharia Mercado Urbano - Gestão Imobiliária, S.A. ("Mercado Urbano") Through Mota-Engil Engenharia Motadómus - Sociedade Imobiliária, Lda. ("Motadómus") Through Aurimove Through Mota-Engil Real Estate Portugal Mota-Engil Ireland Construction Limited (“Mota-Engil Irlanda”) Through Mota-Engil Engenharia

Portugal (Amarante) Portugal (Porto) Portugal (Porto) Portugal (Vila Flor) Portugal (Cascais) Portugal (Porto) Portugal (Porto) Ireland (Ballinasloe) Spain (Alcobendas) Portugal (Porto) Portugal (Porto) Ireland (Dublin)

100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 97,25 71,79 25,46 100,00 100,00 100,00 70,00 30,00 70,00 70,00 100,00 100,00 100,00 100,00 100,00 95,00 5,00 60,00 60,00

35

Appendix A

Designation

Headquarters

Mota-Engil Ireland Services Ltd. (“MEIS”) Through Mota-Engil Engenharia Vibeiras – Sociedade Comercial de Plantas, S.A. (“Vibeiras”) Through Mota-Engil Engenharia VBT - Projectos e Obras de Arquitectura Paisagística, Lda (“VBT”) Through Vibeiras Through Mota-Engil Ambiente e Serviços Áreagolfe - Gestão, Construção e Manutenção de Campos de Golfe, S.A. ("Áreagolfe")

Ireland (Dublin) Portugal (Torres Novas) Angola (Luanda)

Through Vibeiras ME Real Estate - Mota-Engil Real Estate Portugal, S.A. (“Mota-Engil Real Estate Portugal”) Through Mota-Engil Engenharia Nortedomus, Sociedade Imobiliária SA. (“Nortedomus”) Through Mota-Engil Engenharia Sedengil – Sociedade Imobiliária, S.A. (“Sedengil”) Through Mota-Engil Engenharia Mota-Engil Central Europe, SGPS, S.A. ("Mota-Engil Central Europe SGPS") Through Mota-Engil Europa Bergamon, A.S. ("Bergamon") Through Mota-Engil Central Europe, SGPS Bohdalecká Project Development s.r.o. ("Bohdalecká") Through Mota-Engil Central Europe, SGPS Grota-Roweckiego Project Development Sp. z o.o. ("Grota-Roweckiego Project Development ") Through Mota-Engil Central Europe, SGPS Devonská Project Development A.S. (“Devonská”) Through Mota-Engil Central Europe SGPS Dmowskiego Project Development, Sp. z.o.o. ("Dmowskiego") Through Mota-Engil Central Europe Polónia Ekosrodowisko z.o.o. In Liquidation ("Ekosrodowisko") Through MES Hungária Hotel Ingatlanforgamazó, Kereskedelmi, és Szolgáltató Kft., Hungária Hotel Kft. ("Hotel Achat Hungria") Through Mota-Engil Central Europe, SGPS Immo Park Gdańsk, Sp. z.o.o. ("Immo Park Gdańsk") Through Mota-Engil Central Europe Polónia Immo Park Warszawa, Sp. z.o.o. ("Immo Park Warszawa") Through Mota-Engil Central Europe Polónia Immo Park, Sp. z.o.o. ("Immo Park") Through Mota-Engil Central Europe Polónia Through Mota-Engil Central Europe, SGPS Through Mota-Engil Engenharia Kilinskiego Project Development Sp. z.o.o. (“Kilinskiego”) Through Mota-Engil Central Europe SGPS Kilinskiego Property Investment Sp. z.o.o. ("Kilinskiego PI") Through Kilinskiego Through Mota-Engil Central Europe SGPS Kordylewskiego Project Development W Likwidacji Sp. z o.o. ("Kordylewskiego") Through Mota-Engil Central Europe, SGPS Lanval Sp. z o.o. ("Lanval") Through Mota-Engil SGPS MES, Mota-Engil Srodowisko, Sp. z.o.o. ("MES") Through Suma Mota-Engil Central Europe Business Support Center Sp. z o. o. ("MESP Central Europe") Through Mota-Engil Central Europe Polónia Metroepszolg, Zrt (“Metroepszolg”) Through Mota-Engil Magyarország

36

Portugal (Torres Novas) Portugal (Porto)

Effective holding percentage 70,00 70,00 66,67 66,67 43,34 33,34 10,00 66,67 66,67 100,00

Portugal (Lisbon) Portugal (Matosinhos) Portugal (Porto) Slovakia (Bratislava) Czech Republic (Prague) Poland

100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00

(Cracow) Czech Republic (Prague) Poland (Cracow) Poland (Bytom) Hungary

100,00 100,00 100,00 100,00 100,00 61,50 61,50 100,00

(Budapest) Poland (Cracow) Poland (Cracow) Poland (Cracow)

Poland

100,00 100,00 100,00 100,00 100,00 88,00 47,00 40,00 1,00 100,00 100,00 100,00 99,99 0,01 100,00

(Cracow) Poland (Cracow) Poland (Cracow) Poland

100,00 100,00 100,00 61,50 61,50 100,00

(Cracow) Hungary (Budapest)

100,00 100,00 100,00

Activity

Set up date

Acquisition date

Treatement of waste, exploitation and management of water sytems Landscape gardening

jan-08

-

jul-88

out-98

Landscape gardening

set-08

-

Management, construction and maintenance of golf courses

-

jul-07

Real Estate Development

set-01

-

Real Estate Development

-

out-01

Real Estate Development

out-82

mai-95 / mai-97

Management of financial holdings

dez-02

-

Real Estate Development

mai-04

-

Real Estate Development

-

set-07

Real Estate Development

out-12 -

Poland (Cracow) Poland (Cracow)

Real Estate Development

dez-06

-

Real Estate Development

ago-07

-

Urban solid waste

fev-05

dez-05

Real Estate Development

jun-08

-

Design, construction, management and exploitation of parking lots Design, construction, management and exploitation of parking lots Design, construction, management and exploitation of parking lots

mar-13

-

out-12

-

jan-08

mar-11

Real Estate Development

ago-07

-

Real Estate Development

set-11

-

Real Estate Development

fev-05

-

Construction works and purchase and sale of real estate Urban solid waste

-

dez-13

dez-05

-

Administrative Services

dez-09

-

Public works

dez-00

-

Appendix A

Designation Mota-Engil Central Europe, S.A. ("Mota-Engil Central Europe Polónia") Through Mota-Engil Engenharia Mota-Engil Central Europe Ceska Republika, AS ("Mota-Engil Central Europe República Checa") Through Mota-Engil Central Europe Polónia Mota-Engil Central Europe Hungary Beruházási és Építoipari Kft. ("ME Central Europe Hungria") Through Mota-Engil Central Europe Polónia SC Mota-Engil Central Europe Romania S.R.L. ("Mota-Engil Central Europe Roménia") Through Mota-Engil Central Europe Polónia Mota-Engil Central Europe Slovenská Republika, AS ("Mota-Engil Central Europe Eslováquia") Through Mota-Engil Central Europe SGPS Mota-Engil Brand Management B.V. ("Mota-Engil Brand Management") Through Mota-Engil Central Europe, SGPS SC ME Investitii AV s.r.l. (“Mota-Engil Investitii”) Through Mota-Engil Central Europe, SGPS Mota-Engil Magyarország Beruházási És Épitoipari Zrt. (“Mota-Engil Magyarország”) Through Mota-Engil Engenharia Mota-Engil Parking 2 Sp. z.o.o ("ME Parking 2") Through Mota-Engil Central Europe Polónia Mota-Engil Central Europe PPP Sp. z.o.o ("ME Central Europe PPP") Through Mota-Engil Central Europe Polónia Mota-Engil Central Europe PPP 2 Sp. z.o.o ("ME Central Europe PPP 2") Through Mota-Engil Central Europe Polónia Mota-Engil Central Europe PPP Road Sp. z.o.o ("ME Central Europe PPP Road") Through Mota-Engil Central Europe Polónia Mota-Engil Central Europe PPP 3 Sp. Z.o.o (ME Central Europe PPP 3) Through Mota-Engil Central Europe Polónia Grodkowska Project Development Sp. z.o.o ("Grodkowska Project Development ") Through Mota-Engil Central Europe SGPS Mota-Engil Real Estate Hungary Ingatlanforgalmazó, Kereskedelmi és Szolgáltató Kft.("Mota-Engil Real Estate Hungria") Through Mota-Engil Central Europe, SGPS Mota-Engil Real Estate Management, sp. z.o.o. ("Mota-Engil Real Estate Management") Through Mota-Engil Central Europe, SGPS Balice Project Development Sp. z o.o. ("Balice") Through Mota-Engil Central Europe, SGPS Sikorki Project Development Sp. z o.o. ("Sikorki") Through Mota-Engil Central Europe, SGPS Soltysowska Project Development Sp. z o.o. ("Soltysowska") Through Mota-Engil Central Europe, SGPS Tetenyi Project Development Ingatlanforgalmazó, Kereskedelmi és Szolgáltató Kft “under liquidation" ("Tetenyi") Through Mota-Engil Central Europe, SGPS Wilanow Project Development SP. z.o.o. ("Wilanow") Through Mota-Engil Central Europe, SGPS Wilenska Project Development Sp. z.o.o. w likwidacji (“Wilenska”) Through Mota-Engil Central Europe, SGPS Bukowinska Project Development ("Bukowinska Project Development ") Through Mota-Engil Central Europe Polónia

Headquarters Poland (Cracow) Czech Republic (Prague) Hungary (Budapest) Romania (Bucharest) Slovakia (Bratislava) Netherlands (Amsterdam) Romania (Bucharest) Hungary (Budapest) Poland (Cracow) Poland (Cracow) Poland (Cracow) Poland (Cracow) Poland (Cracow) Poland (Cracow) Hungary (Budapest) Poland (Cracow)

Effective holding percentage

Activity

Set up date

Acquisition date

100,00 100,00 100,00

Construction works

fev-53

mar-99

Construction and public works

jan-97

-

100,00 100,00

Construction and public works

fev-08

-

100,00 100,00

Road construction works

jul-09

-

100,00 100,00

Construction works

ago-04

-

Management of trademarks and other intellectual property Real Estate Development

dez-09

-

-

set-07

Public works

jan-96

-

Design, construction, management and exploitation of parking lots Design and construction of social housing Design and construction of social housing Design and construction of social housing

mar-12

-

mar-12

-

dez/13

-

-

nov-13

abr-14

-

mar-14

-

Real Estate Development

jul-05

-

Real Estate Development

jun-05

-

Real Estate Development

out-12

-

Real Estate Development

out-12

-

Real Estate Development

nov-05

-

Real Estate Development

jan-05

-

Real Estate Development

jun-07

-

Real Estate Development

jan-05

-

Design and construction of social housing

mar-15

-

100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00

Poland (Cracow) Poland (Cracow) Poland (Cracow) Hungary

100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00

(Budapest) Poland (Cracow) Poland (Cracow) Poland (Cracow)

100,00 100,00 100,00 100,00 100,00 100,00 100,00

Design and construction of social housing Design and construction of social housing

37

Appendix A

Designation Environment and Services Mota-Engil, Ambiente e Serviços, SGPS, S.A. (“Mota-Engil Ambiente e Serviços”) Through Mota-Engil Europa AGIR - Ambiente e Gestão Integrada de Resíduos, Lda. ("Agir") Through Mota-Engil Ambiente e Serviços Through Suma CH&P – Combined Heat & Power Anadia, Sociedade Unipessoal, Lda ("CH&P Anadia") Through Manvia CH&P – Combined Heat & Power Coja, Unipessoal, Lda ("CH&P Coja") Through Manvia Citrave - Centro Integrado de Tratamento de Resíduos de Aveiro, S.A. ("Citrave") Through Suma Through Novaflex Through Suma Esposende Correia & Correia, Lda. (“Correia & Correia”) Through Enviroil Enviroil SGPS, Lda. (“Enviroil”) Through Suma Enviroil II – Reciclagem de Óleos Usados, Lda. (“Enviroil II”) Through Enviroil Ferrol Container Terminals S.A. ("Ferrol") Through TCL InvestAmbiente - Recolha de Resíduos e Gestão de Sistemas de Saneamento Básico, S.A. ("Investambiente") Through Novaflex Liscont - Operadores de Contentores, S.A. ("Liscont") Through TTP Lokemark - Soluções de Marketing, S.A. ("Lokemark")

Through Mota-Engil Ambiente e Serviços Manvia - Manutenção e Exploração de Instalações e Construção, S.A. ("Manvia") Through Mota-Engil Ambiente e Serviços Mota-Engil Europa, S.A. ("Mota-Engil Europa") Through Mota-Engil SGPS Mota-Engil II, Gestão, Ambiente, Energia e Concessões de Serviços, S.A. ("MEAS II") Through Mota-Engil Ambiente e Serviços Multiterminal - Soc. de Estiva e Tráfego, S.A. ("Multiterminal") Through Tertir Nova Beira - Gestão de Resíduos, S.A. ("Nova Beira") Through Novaflex Through Investambiente Novaflex - Técnicas do Ambiente, S.A. ("Novaflex") Through Suma Proempar - Promoção e Gestão de Parques Empresariais e Tecnológicos, S.A. ("Proempar") Through Mota-Engil Ambiente e Serviços Through Mota-Engil Engenharia PTT - Parque Tecnológico do Tâmega, S.A. ("PTT") Through Proempar Through Mota-Engil Ambiente e Serviços Through Mota-Engil Engenharia Real Verde - Técnicas de Ambiente, S.A. ("Real Verde") Through Novaflex Resiges - Gestão de Resíduos Hospitalares, Lda. ("Resiges") Through Novaflex Resilei – Tratamento de Resíduos Industriais, S.A. ("Resilei") Through Suma Rima – Resíduos Industriais e Meio Ambiente, S.A. (“Rima”) Through Suma Sealine - Navegação e Afretamentos, Lda ("Sealine") Through Socarpor SGPS Through Socarpor Aveiro SIGA - Serviço Integrado de Gestão Ambiental, S.A. ("Siga") Through Suma

38

Headquarters

Portugal (Porto) Cape Verde (Praia) Portugal (Linda-a-Velha) Portugal (Linda-a-Velha) Portugal (Lisbon)

Portugal (Sertã) Portugal (Torres Novas) Portugal (Torres Novas) Spain (Ferrol) Portugal (Lisbon) Portugal (Lisbon) Portugal (Setúbal)

Portugal (Linda-a-Velha) Portugal (Linda-a-Velha) Portugal (Porto) Portugal (Lisbon) Portugal (Lisbon) Portugal (Lisbon) Portugal (Porto)

Portugal (Felgueiras)

Portugal (Vila Real) Portugal (Setúbal) Portugal (Leiria) Portugal (Lourosa) Portugal (Aveiro) Portugal (Ponta Delgada)

Effective holding percentage

Activity

Set up date

Acquisition date

100,00

Management of financial holdings

jun-97

-

Collection of urban solid waste

dez-07

-

Exploitation of a co-generation plant for the production of electric and thermal energy

mai-11

-

Exploitation of a co-generation plant for the production of electric and thermal energy Treatment and disposal of non-hazardous waste

mai-11

-

dez-87

out-06

Trade and collection of used oils

set-88

fev-00

Management of financial holdings

nov-97

-

Oil recycling, electricity production and bulk trade of fuels and related products

abr-11

-

100,00 80,75 50,00 30,75 90,00 90,00 90,00 90,00 61,50 61,41 0,05 0,05 48,19 48,19 48,19 48,19 43,37 43,37 34,80 34,80 31,98 31,98 52,36 52,36 70,00

70,00 90,00 90,00 100,00 100,00 100,00 100,00 100,00 100,00 30,85 20,30 10,55 61,50 61,50 100,00 74,00 26,00 90,00 70,00 10,00 10,00 61,50 61,50 61,50 61,50 30,75 30,75 59,12 59,12 38,39 32,26 6,13 43,05 43,05

Cargo handling

mar-11

-

Collection of non-hazardous waste

fev-00

dez-07

Port operations

nov-83

out-06

Services, marketing solutions, construction and sale of data bases, management and exploitation of the postal service's infrastructures Maintenance and exploitation of installations

jun-03

set-07

jul-94

jun-98

Construction works, and purchase and sale of real estate Projects' management

jun-10

-

dez-03

-

Exploitation of port terminals

mai-79

out-06

Treatment and disposal of non-hazardous waste

-

dez-07

Collection of other non-hazardous waste

-

dez-07

Marketing, management and exploitation of technological and industrial business parks

out-06

-

Marketing and management of technological business hosting

dez-06

-

Treatment and disposal of other nonhazardous waste Collection of hazardous waste

dez-07

-

mai-98

dez-07

Treatment and disposal of other nonhazardous waste Treatment of industrial waste

-

jun-03

ago-01

-

Navigation agents

-

out-06

Treatment and disposal of non-hazardous waste

out-08

-

Appendix A

Designation Socarpor - Soc. Cargas Port. (Aveiro), S.A. ("Socarpor Aveiro") Through Socarpor SGPS Through TTP Through Socarpor Aveiro (own shares) Socarpor - Soc. Gestora de Participações Sociais (Douro/ Leixões), S.A. ("Socarpor SGPS") Through TTP and own shares Sotagus - Terminal de Contentores de Santa Apolónia, S.A. ("Sotagus") Through TTP SRI - Gestão de Resíduos, Lda (“SRI”) Through Correia & Correia SIGAMB - Sistemas de Gestão Ambiental, Lda. (Angola) ("SIGAMB") Through Novaflex STM - Sociedade de Terminais de Moçambique, Lda ("STM") Through Tertir Suma (Douro) - Serviços Urbanos e Meio Ambiente, Lda. (“Suma Douro”) Through Suma Suma (Esposende) - Serviços Urbanos e Meio Ambiente, Lda. (“Suma Esposende”) Through Suma Suma (Macau), Lda. ("Suma Macau") Through Suma Suma (Matosinhos) - Serviços Urbanos e Meio Ambiente, S.A. ("Suma Matosinhos") Through Suma Suma (Porto) - Serviços Urbanos e Meio Ambiente, S.A. (“Suma Porto”) Through Suma Suma (Tratamento), S.A. ("Suma Tratamento") Through Suma Through Suma Esposende Through Novaflex Through Mota-Engil Ambiente e Serviços Suma – Serviços Urbanos e Meio Ambiente, S.A. (“Suma”) Through Mota-Engil Ambiente e Serviços Takargo-Trasporte de Mercadorias, S.A. (“Takargo”) Through ME Logística Through Mota-Engil Engenharia TCL - Terminal de Contentores de Leixões, S.A. ("TCL") Through TTP Through TCL (own shares) Through Socarpor SGPS TCR – Tratamento Complementar de Resíduos, S.A. ("TCR") Through Suma Through Mota-Engil Engenharia Mota-Engil Logística, SGPS, S.A. ("ME Logística") Through Mota-Engil Ambiente e Serviços Tertir - Concessões Portuárias, SGPS, S.A. ("Tertir SGPS") Through Tertir Through Multiterminal Tertir - Terminais de Portugal, S.A. ("Tertir") Through Mota-Engil Ambiente e Serviços Through ME Logística Tertir - Terminais Portuários, SGPS, S.A. ("TTP") Through ME Logística Porlis - Empresa de Trabalho Portuário, Lda ("Porlis") Through Liscont Through Sotagus Through Multiterminal

Headquarters Portugal (Aveiro)

Portugal (Matosinhos) Portugal (Lisbon) Portugal (Sertã) Angola (Luanda) Mozambique (Maputo) Portugal (Murça) Portugal (Esposende) China (Macau) Portugal (Matosinhos) Portugal (Porto) Portugal (Lisboa)

Portugal (Lisbon) Portugal (Linda-a-Velha) Portugal (Matosinhos)

Portugal (Porto) Portugal (Porto) Portugal (Linda-a-Velha) Portugal (Matosinhos) Portugal (Linda-a-Velha) Portugal (Lisbon)

Effective holding percentage 40,85 28,47 6,31 6,07 37,96 37,96 63,13 63,13 48,19 48,19 61,44 61,44 50,00 50,00 61,50 61,50 61,50 61,50 60,89 60,89 61,50 61,50 61,50 61,50 59,20 49,19 0,01 0,01 10,00 61,50 61,50 100,00 70,00 30,00 34,80 18,69 1,78 14,33 37,29 36,29 1,00 100,00 100,00 100,00 68,89 31,11 100,00 64,67 35,33 63,13 63,13 52,74 28,80 18,94 5,00

Activity

Set up date

Acquisition date

Port services

-

out-06

Management of financial holdings

-

out-06

Port operations

-

out-06

Collection of hazardous waste

jul-08

-

Technical studies, consulting and environmental trainning Port operations

fev-14 fev-94

fev-94

Collection of urban solid waste

jul-00

-

Collection of urban solid waste

dez-99

-

Collection of urban solid waste

-

dez-13

Collection of urban solid waste

dez-00

-

Collection of urban solid waste

nov-08

-

Collection of urban solid waste

out-14

-

Collection of urban solid waste

jun-94

-

Rail transport of goods

set-06

-

Cargo handling

jan-96

-

Construction and exploitation of a landfill

nov-12

-

Management of financial holdings

abr-13

-

Management of financial holdings

out-07

-

Exploitation of port terminals

-

out-06

Management of financial holdings

jun-13

-

Temporary assignment of employees to carry out port cargo handling tasks.

set-13

-

39

Appendix A

Designation Transitex do Brasil Serviços de Logística, Ltda. ("Transitex Brasil") Through Transitex Spain Through Transitex Portugal Transitex Colombia, S.A.S.("Transitex Colombia") Through Transitex Spain Transitex Moçambique, Lda ("Transitex Moçambique") Through Transitex Portugal Through Transitex Spain Transitex México, S.A. de C.V. ("Transitex México") Through Transitex Spain Through Transitex Portugal Transitex - Trânsitos de Extremadura, S.A. ("Transitex Portugal") Through Transitex Spain Transitex - Trânsitos de Extremadura, S.L. ("Transitex Espanha") Through Tertir SGPS Transitex Itália S.R.L ("Transitex Itália") Through Transitex Espanha Transitex - Global Logistics Operations (PTY) ltd. ("Transitex África do Sul") Through Transitex Portugal Transitex Transitos Extremadura Chile SPA ("Transitex Chile") Through Transitex Brasil Transitex China International Freight Forwarders, Co. Ltd ("Transitex China") Through Transitex Portugal Transitex Serviços de Logística ("Transitex Serviços de Logística ") Through Transitex Portugal Through Transitex Spain Tratofoz - Sociedade de Tratamento de Resíduos, S.A. ("Tratofoz") Through Mota-Engil Ambiente e Serviços Through Suma Triu - Técnicas de Resíduos Industriais e Urbanos, S.A. ("Triu") Through Enviroil

Headquarters Brazil (São Paulo) Colombia (Bogotá) Mozambique (Maputo) Mexico (Mexico City) Portugal (Lisbon) Spain (Badajoz) Italia (Milan) South Africa (Isando) Chile (Santiago) China (Shangai)

Effective holding percentage 85,00 84,41 0,60 85,00 85,00 85,00 80,75 4,25 85,00 85,00 0,002 85,00 85,00 85,00 85,00 85,00 85,00 85,00 85,00 85,00 85,00 85,00

Activity

Set up date

Acquisition date

Organisation of transport by land, sea or air

mai-10

-

Organisation of transport by land, sea or air Organisation of transport by land, sea or air

dez-11

jan-12

nov-08

-

Organisation of transport by land, sea or air

fev-09

-

Organisation of transport by land, sea air Organisation of transport by land, sea air Organisation of transport by land, sea air Organisation of transport by land, sea air

or

mai-08

-

or

nov-02

-

or

mar-14

-

or

jan-12

-

Organisation of transport by land, sea or air Organisation of transport by land, sea or air

abr-14

-

mar-15

-

Collection of urban solid waste

out-02

-

Collection of non-hazardous waste

abr-91

set-08

Construction works

ago-12

-

Management of societies' management

out-12

-

Management of financial holdings

mai-10

-

Portugal (Loures)

85,00 85,00 0,60 84,41 99,62 99,00 0,62 48,19 48,19

Portugal (Porto) Netherlands (Amsterdam) Portugal (Porto)

81,92 81,92 81,92 81,92 81,92 81,92

Netherlands (Amsterdam)

81,92 81,92

Management of societies' management

mai-14

-

Netherlands (Amsterdam)

81,92 81,92

Management of societies' management

mai-14

-

Portugal (Funchal)

81,92

Trade and management of international holdings

set-97

dez-98

Brasil (São Paulo) Portugal (Porto)

Organisation of transport by land, sea or air

Africa Mota-Engil Engenharia e Construção África, S.A. ("MEEC África") Through Mota-Engil África N.V. Mota-Engil África, N.V. ("ME África NV") Through Mota-Engil SGPS Mota-Engil África, SGPS, S.A. ("Mota-Engil África") Through MEEC Africa Mota-Engil África Finance B.V. ("ME África Finance BV") Through Mota-Engil África N.V. Mota-Engil África Global Technical Services B.V. ("ME África GTS BV") Through Mota-Engil África N.V. Mota Internacional – Comércio e Consultadoria Económica, Lda. (“Mota Internacional”) Through Mota-Engil Africa Akwangola, S.A. ("Akwangola") Through Vista Water Centro de Estudos e Consultas Técnicas, Lda. ("Cecot") Through MEEC Africa Cosamo (Proprietary) Limited ("Cosamo") Through Mota Internacional Fibreglass Sundlete (Moç), Lda. ("Fibreglass") Through ME Mauritius Ecolife, S.A. ("Ecolife") Através da Mota-Internacional Através da Suma Mota-Engil África Moçambique, Lda., ("Emocil") Through MEEC Africa Through Indimo Fatra - Fábrica de Trefilaria de Angola, S.A. ("Fatra") Through Mota-Engil Angola Mota-Engil Angola, S.A. ("Mota-Engil Angola") Through Mota Internacional Indimo, Lda. ("Indimo") Through Cecot Through MEEC Africa Malawi Ports Company Limited ("Malawi Ports Company") Through MEEC Africa Through ME Malawi Malawi Shipping Company Limited ("Malawi Shipping Company") Through MEEC Africa Through ME Malawi

40

Angola (Luanda) Mozambique (Maputo) South Africa (Johannesburg) Mozambique (Maputo) Moçambique (Maputo) Mozambique (Maputo) Angola (Luanda) Angola (Luanda) Mozambique (Maputo) Malawi (Lilongwe) Malawi (Lilongwe)

81,92 45,47 45,47 81,92 81,92 81,92 81,92 81,92 81,92 51,22 32,77 18,45 81,92 40,96 40,96 29,25 29,25 41,78 41,78 81,92 40,96 40,96 81,92 72,09 9,83 81,92 72,09 9,83

Exploitation of water market

dez-10

dez 13

Construction works' projects and inspection Commercial

set-98

abr-11

dez-76

-

Commercial

ago-62

mar-99

Collection of urban solid waste

dez-13

-

Real Estate Development

jul-94

-

Manufacturing of iron-derived products

-

nov-10

Construction works and public and private works Real Estate Development

mai-10

-

-

out-04

Sea transport

nov-10

-

Sea transport

nov-10

-

Appendix A

Designation

Headquarters

Martinox, SA ("Martinox") Through Mota-Engil Angola Mota & Companhia Maurícias, Lda. ("ME Maurícias") Through MEEC Africa Mota-Engil Construction South Africa, Pty Ltd ("ME Construction South Africa") Through Mota-Engil Investments South Africa Mota-Engil (Malawi) Limited ("ME Malawi") Through MEEC Africa Mota-Engil Investments (Malawi) Limited ("ME Investments Malawi") Through Mota-Engil Africa Mota-Engil Investments South Africa, Pty Ltd ("Mota-Engil Investments South Africa") Through Mota Internacional Mota-Engil S.Tomé e Principe, Lda. ("Mota-Engil S.Tomé") Through Mota Internacional Through MEEC Africa Novicer-Cerâmicas de Angola,(SU) Limitada. ("Novicer") Through Mota-Engil Angola Prefal – Préfabricados de Luanda, Lda. (“Prefal”) Through Mota-Engil Angola Penta - Engenharia e Construção, Lda. ("Penta") Through MEEC Africa Through Mota Internacional Rentaco Angola - Equipamentos e Transportes, (SU) Limitada. ("Rentaco Through Mota-Engil Angola Sonauta - Sociedade de Navegação, Lda. (“Sonauta”) Through Mota Internacional Tracevia Angola - Sinalização, Segurança e Gestão de Tráfego, Lda. ("Tracevia Angola") Through Mota-Engil Angola Vista Energy Environment & Services, S.A. ("Vista SA") Through Mota-Engil Angola Vista Waste Management, Lda ("Vista Waste") Through Mota-Engil Angola Through Vista SA Through Suma Vista Multi Services, Lda ("Vista Multi Services") Through Vista SA Through Mota-Engil Angola Vista Water, Lda. ("Vista Water") Through Mota-Engil Angola Through Vista SA Through Indaqua

Angola (Benguela) Mauritius (Ebene) South Africa (Johannesburg) Malawi (Lilongwe) Malawi (Lilongwe) South Africa (Johannesburg) S. Tomé e Príncipe (S. Tomé) Angola (Luanda) Angola (Luanda) Cape Verde

Angola (Luanda) Angola (Luanda) Angola (Luanda) Angola (Luanda) Angola (Luanda)

Angola (Luanda) Angola (Luanda)

Effective holding percentage 39,69 39,69 81,92 81,92 81,92 81,92 81,91 81,91 81,10 81,10 81,92 81,92 81,92 77,82 4,10 41,78 41,78 37,60 37,60 81,92 78,64 3,28 41,78 41,78 81,92 81,92 33,42 33,42 41,78 41,78 51,44 4,18 17,13 30,14 41,78 33,42 8,36 45,51 5,22 17,76 22,53

Set up date

Acquisition date

Stainless steel works

fev-08

dez-11

Construction works

mai-10

-

Construction works

mar-14

-

Public works and /or construction works contractor Public works and /or construction works contractor

jul-11

-

mar-11

-

-

mar-14

Public works and /or construction works contractor

dez-04

-

Manufacturing and trade in clay goods

set-07

-

Manufacturing of prestressed goods

dez-93

-

Construction works and public and private works

abr-07

-

Rental of construction equipment

jan-08

-

Sea transport, excluding coastal transport Road signs

nov-94

-

-

set-07

Management of financial holdings

jul-08

dez-13

Collection of waste

dez-09

dez-13

Urban services

mai-09

dez-13

Exploitation of the water market

mai-09

dez-13

Management of financial holdings

nov-98

-

Construction and public works

-

dez-14

Construction and public works

jul-12

-

Construction and public works

nov-14

-

Construction and public works

jul-14

-

Activity

Public works and /or construction works contractor

Latin America Mota-Engil Latin America BV ("ME Latin America") Through Mota-Engil SGPS Consita Tratamento de Resíduos, S.A. ("Consita") Through ECB Suma Participações Construcciones dos Puertos SA de CV ("Construcciones dos Puertos") Through Mota-Engil Mexico Constructora Concessionária Autopista Cardel-Poza Rica, S.A. de CV ("Constructora Cardel-Poza Rica") Through Mota-Engil Mexico Constructora Gran Canal SAPI de CV ("Constructora Gran Canal") Through Mota-Engil México Empresa Construtora Brasil, SA ("Empresa Construtora Brasil") Through Mota-Engil Brasil Participações, Ltda ECB Suma Participações, S.A. ("ECB Suma Participações") Through Empresa Construtora Brasil Through Suma Rentaco Peru, S.A. ("Rentaco Peru") Through Mota-Engil Peru Through Mota-Engil Energia Peru MEBR Construção, Consultoria e Participações, S.A. ("MEBR") Through Mota-Engil Latin America BV Through Mota-Engil Peru Mota-Engil America Latina S.A.P.I de C.V. ("Mota-Engil America Latina") Through Mota-Engil SGPS Through Mota-Engil Latin America BV Mota-Engil Colômbia, S.A.S ("Mota-Engil Colômbia") Through Mota-Engil Peru Mota-Engil Col, S.A.S ("Mota-Engil Col") Through Mota-Engil Engenharia Through Mota-Engil Peru

Netherlands (Amsterdam) Brazil (Belo Horizonte) Mexico (Xalapa) Mexico (Mexico City) Mexico (Mexico City) Brazil (Belo Horizonte) Brazil (Belo Horizonte) Peru (Lima) Brazil (São Paulo) Mexico (Mexcio City) Colombia (Bogota) Colombia (Bogota)

100,00 100,00 38,45 38,45 70,00 70,00 40,00 40,00 33,40 33,40 50,00 50,00 54,93 28,58 26,35 100,00 99,90 0,10 100,00 57,69 42,31 100,00 0,02 99,98 100,00 100,00 100,00 99,00 1,00

Construction and public works

nov-12

-

Management of financial holdings

dez-14

-

Generation and distribution of electric energy

fev-13

-

Construction and public works

mar-11

-

Management of financial holdings

nov-13

mai-14

Construction and public works

fev-11

-

Construction and public works

-

-

41

Appendix A

Designation Mota-Engil Energia Peru S.A. ("Mota-Engil Energia Peru") Through Mota-Engil Peru Through Mota-Engil Engenharia Mota-Engil México, S.A. de C.V. ("Mota-Engil México") Through Mota-Engil Latin America BV Through Mota Internacional Mota-Engil-Opway Mexicana, S.A. De C.V. ("Mota-Engil-Opway Mexicana") Through Mota-Engil México Through Opway Mexico Mota-Engil Turismo S.A. De CV ("Mota-Engil Turismo (Mex)") Through Mota-Engil México Through Mota-Engil América Latina SAPI de CV Mota-Engil Peru, S.A. (“Mota-Engil Peru”) Through Mota-Engil Latin America BV Through Mota-Engil Engenharia Mota-Engil Peru Ambiente e Serviços, S.A. (“MEAS Peru”) Through Mota-Engil Peru Mota-Engil Prodi S.A.P.I. de C.V. ("Mota-Engil Prodi") Through Mota-Engil México Opway México ("Opway Mexico") Through Mota-Engil México Mota-Engil Chile S.A. ("Mota-Engil Chile") Through Mota-Engil Peru Through Mota- Engil Energia Peru Tarucani Generating Company S.A. ("Tarucani") Through Mota- Engil Energia Peru Through Mota- Engil Peru Tertir Peru, S.A. ("Tertir Peru") Through Tertir Through Mota-Engil Peru Tracevia do Brasil -Sistemas de Telemática Rodoviaria Ltda. ("Tracevia Brasil") Through MEBR Engenharia, Consultoria e Participações, Ltda. Through ME Brasil Participações Promotora Inmobiliaria Santa Clara S.A. ("Santa Clara") Through Mota-Engil Peru Consórcio Los Faisanes ("Consórcio Los Faisanes") Through Mota-Engil Peru Consórcio Los Castãnos ("Consórcio Los Castãnos") Through Mota-Engil Peru Consórcio Mota-Engil Ojeda & Iju Paracas ("Consorcio ME Ojeda & Iju") Through Mota-Engil Peru Consórcio Fanning ("Consorcio Fanning") Through Mota-Engil Peru Consórcio Porta ("Consorcio Porta") Through Mota-Engil Peru Consórcio La Ponciana ("Consorcio La Ponciana") Through Mota-Engil Peru Consórcio GDL Viaduto, S.A.P.I de CV ("Consórcio GDL Viaduto") Through Mota-Engil México Consórcio Túnel Guadalajara, SAPI de CV ("Consórcio GDL Túnel") Through Mota-Engil México

42

Headquarters Peru (Lima) Mexico (Mexico City) Mexico (Mexico City)

Mexico (Mexico City) Peru (Lima) Peru (Lima) Mexico (Mexico City) Mexico (Mexico City) Chile (Santiago) Peru (Lima) Peru (Lima) Brazil (São Paulo)

Peru (Lima) Peru (Lima) Peru (Lima) Peru (Lima) Peru (Lima) Peru (Lima) Peru (Lima) Mexico (Mexico City) Mexico (Mexico City)

Effective holding percentage 100,00 99,98 0,02 100,00 99,98 0,02 100,00 50,00 50,00 100,00 100,00 0,00 100,00 99,90 0,10 100,00 100,00 50,10 50,10 100,00 100,00 100,00 99,00 1,00 100,00 99,98 0,02 100,00 80,00 20,00 100,00 99,00 1,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 42,90 42,90 35,00 35,00

Activity

Set up date

Acquisition date

Other business activities

mai-11

Construction and public works

jan-10

-

Management of financial holdings

jan-10

-

fev-15

-

Construction and public works

set-86

jun-98

Other business activities

out-11

Construction and public works

fev-14

Real Estate and Tourism

-

Construction and public works Construction and public works

fev-13

Generation and distribution of electric energy

abr-00

Exploitation of terminals

-

-

Design, installation, development and maintenance of ITS

mar-11

-

Property promotion services

mai-12

-

Construction of departments

dez-11

-

Construction of departments

dez-11

-

Construction of departments

dez-11

-

Construction of departments

dez-11

-

Construction of departments

dez-11

-

Construction of departments

dez-11

-

Construction and public works

jun-14

-

Construction and public works

jul-14

-

Appendix A

Investments in associates using equity method Group and associate companies included in the consolidation using the equity method, their registered offices and proportion of share capital held as at June 30, 2015, are as follows: Designation

Headquarters

Effective holding percentage

Portugal Portugal Portugal Peru Portugal

29,99 30,10 29,99 29,99 30,10

Portugal Hungary Hungary Hungary Hungary Hungary Hungary Slovakia Hungary Hungary Hungary Hungary

51,00 32,18 32,18 32,18 32,18 32,18 32,18 50,00 32,18 32,50 32,18 32,18

Portugal Portugal Portugal Portugal Portugal Portugal Portugal Spain Portugal Portugal Portugal Portugal Portugal Portugal Portugal

30,14 42,50 18,45 15,07 40,00 50,00 50,00 50,00 30,00 45,00 47,25 18,94 31,56 31,56 15,78

Angola Angola

36,86 20,89

Mexico Mexico Mexico México México Mexico Mexico Mexico Portugal

20,00 40,00 33,40 50,00 20,00 35,00 50,00 33,34 37,50

Associate companies Parent Company of the Group and related activities Nortenha Angola, SGPS, S.A. ("Nortenha") Riscos e Diâmetros Angola, SGPS, S.A. ("Riscos e Diâmetros Angola") SMGT Angola, SGPS, SA ("SMGT") Sangobiar Perú, S.A. ("Sangobiar") Vitropor Moçambique, SGPS, S.A. ("Vitropor Moçambique") Europe - Engineering and Construction Turalgo-Sociedade de Promoção Imobiliária e Turística do Algarve, S.A. (“Turalgo”) Bay 6.3 Kft. ("Bay 6.3") - Grupo Obol Invest Bay Office Kft. ("Bay Office") - Grupo Obol Invest Bay Park Kft. ("Bay Park") - Grupo Obol Invest Bay Tower Kft. ("Bay Tower") - Grupo Obol Invest Bay Wellness Kft. ("Bay Wellness") - Grupo Obol Invest Engber Ingatlanforgalmazó És Szolgáltató Kft. ("Engber") - Grupo Obol Invest M-Invest Slovakia Mierova , s.r.o. ("Mierova") Nádor Öböl Ingatlanforgalmazó És Beruházó Kft. ("Nádor Obol") - Grupo Obol Invest Öböl Invest Befektetési És Üzletviteli Tanácsadó Kft. ("Obol Invest") - Grupo Obol Invest Öböl XI Ingatlanforgalmazó És Beruházo És Szolgáltató Kft. ("Obol XI") - Grupo Obol Invest Sampaio Üzletviteli Tanácsadó Kft. ("Sampaio") - Grupo Obol Invest Europe - Environment and Services Ambilital – Investimentos Ambientais no Alentejo, EIM. (“Ambilital”) Chinalog - Serviços Logísticos e Consultadoria, Lda. ("Chinalog") Citrup – Centro Integrado de Resíduos, Lda. (“Citrup”) Ecolezíria - Empresa Intermunicipal para Tratamento de Resíduos Sólidos, E. I. M. ("Ecolezíria") Haçor, Conc. Edifício do Hospital da Ilha Terceira, SA ("Haçor") HL - Sociedade Gestora do Edifício, S.A. ("HL - Sociedade Gestora do Edifício") HEPP - Hidroenergia de Penacova e Poiares, Lda. ("HEPP") Ibercargo Rail, S.A. ("Ibercargo") Logz - Atlantic Hub, S.A. ("Logz") Manvia II Condutas, Lda. ("Manvia II Condutas") Manvia Condutas Moçambique, Lda. ("Manvia Condutas Moçambique") Operestiva - Empresa de Trabalho Portuário de Setúbal, Lda. ("Operestiva") - Grupo SLPP Sadoport - Terminal Marítimo do Sado, S.A. ("Sadoport") - Grupo SLPP SLPP - Serviços Logísticos de Portos Portugueses, S.A. ("SLPP") - Grupo SLPP Tersado - Terminais Portuários do Sado, S.A. ("Tersado") Africa Automatriz, SA ("Automatriz") Icer – Indústria de Cerâmica, Lda. (“Icer”) Latin America M&R de Occidente SAPI de CV ("Concessionária M&R") Concessionária Autopista Cardel-Poza Rica SA de CV ("Concessionária Autopista Cardel") Concessionária Autopista Tuxpan-Tampico SA de CV ("Concessionária Autopista Tuxpan-Tampico") Constructora Auto-Pista Perote Xalapa, SA de CV ("Constructora Perote Xalapa") Constructora M&R ("Constructora M&R") Eco Innovacion Ambiental SAPI de CV ("Eco Innovacion") Gestion e Innovacion en Servicios Ambientales SA de CV ("GISA") Autopista Urbana Siervo de la Nacion, SAPI de CV ("Autopista Siervo de la Nacion") Martifer Group

43

Appendix A

Designation

Headquarters

Effective holding percentage

Portugal Portugal Portugal Portugal Portugal Portugal Portugal Portugal Portugal

50,06 24,53 50,06 50,06 50,06 49,81 50,06 50,06 49,92

Peru Portugal Portugal Portugal Portugal Portugal Portugal Portugal Portugal México México Brasil Moçambique Moçambique Portugal Portugal Portugal Portugal Portugal Portugal Portugal Portugal Portugal Portugal Portugal Portugal Portugal Portugal Holanda Holanda Portugal Portugal Brasil México Moçambique Holanda

50,00 60,00 60,00 60,00 13,34 41,93 41,94 13,34 12,00 30,00 60,00 30,00 24,00 24,00 44,92 48,45 48,12 48,12 48,12 39,58 48,12 48,12 48,12 39,58 22,81 48,45 44,92 60,00 60,00 60,00 13,34 60,00 59,40 30,00 60,00 60,00

Jointly controlled companies Europe - Environment and Services Aqualevel, Soc. Unipessoal, Lda. (“Aqualevel”) - Grupo Indaqua Águas de S. João, E.M., S.A. ("Águas de S. João") - Grupo Indaqua Indaqua – Indústria e Gestão de Águas, S.A. (“Indaqua”) - Grupo Indaqua Indaqua Fafe – Gestão de Águas de Fafe, S.A. (“Indaqua Fafe”) - Grupo Indaqua Indaqua Feira - Indústria de Águas de Santa Maria da Feira, S.A. - (“Indaqua Feira”) - Grupo Indaqua Indaqua Matosinhos - Gestão de Águas de Matosinhos, S.A. (“Indaqua Matosinhos”) - Grupo Indaqua Indaqua Oliveira de Azeméis - Gestão de Águas de Oliveira de Azeméis, S.A. (“Indaqua Oliveira de Azeméis”) - Grupo Indaqua Indaqua Santo Tirso/ Trofa – Gestão de Águas de Santo Tirso e Trofa, S.A. (“Indaqua Sto. Tirso/ Trofa”) - Grupo Indaqua Indaqua Vila do Conde - Gestão de Águas de Vila do Conde, S.A. (“Indaqua V. Conde”) - Grupo Indaqua Latin America Terminais Portuários Euroandinos Paita, S.A. ("TPE Paita") Ascendi Group Ascendi Group, SGPS Ascendi SA Scutvias–AE Beira Interior Ascendi Pinhal Interior Operadora Pinhal Interior MRN - Manutenção de rodovias nacionais Via Verde Concessionária Perote Xalapa Ascendi Mexico, S.A. C.V Concessão rodovias do Tiete - CRT (Brasil) Estradas do Zambeze Operadora Estradas Zambeze Ascendi Norte Ascendi Douro Ascendi B. Litoral e Alta Ascendi Costa de Prata Ascendi Grande Porto Ascendi Grande Lisboa Ascendi Operadora BLA Ascendi Operadora CP Ascendi Operadora GP Ascendi Operadora GL Lusoponte Ascendi Operadora DI Ascendi Operadora NT Ascendi O&M Ascendi International Holding, B.V. Ascendi Financing, B.V. Portvias Ascendi IGI Ascendi Brasil Operadora Perote Xalapa Suc Moçambique Ascendi ESConcessions Latam Holding B.V.

44

18

Appendix A

45

Declaration under the terms of article 246, no. 1, line c), of CVM (Securities Code) Under the terms of article 246, no. 1, line c) of the Securities Code, the members of the Board of Directors declare that, to the best of their knowledge, the information contained in this report and accounts has been drawn up according to the International Financial reporting Standards (IFRS) as adopted by the European Union, providing a true and appropriate image of assets and liabilities, the financial situation and the results of Mota-Engil, SGPS, SA and companies included in the consolidation perimeter, and that this management report faithfully expresses the progression of the business, the performance and the position of Mota-Engil, SGPS, SA and the companies included in the consolidation perimeter, and contains a description of the main risks and uncertainties with which they are confronted. Porto, 31st of August 2015 António Manuel Queirós Vasconcelos da Mota Chairman of the Board of Directors Gonçalo Nuno Gomes de Andrade Moura Martins Deputy-chairman of the Board of Directors and Chief Executive Officer Arnaldo José Nunes da Costa Figueiredo Deputy-chairman of the Board of Directors Maria Manuela Queirós Vasconcelos Mota dos Santos Member of the Board of Directors Maria Teresa Queirós Vasconcelos Mota Neves da Costa Member of the Board of Directors Maria Paula Queirós Vasconcelos Mota de Meireles Member of the Board of Directors Ismael Antunes Hernandez Gaspar Member of the Board of Directors and Member of the Executive Committee Carlos António Vasconcelos Mota dos Santos Member of the Board of Directors and Member of the Executive Committee José Pedro Matos Marques Sampaio de Freitas Member of the Board of Directors and Member of the Executive Committee (Chief Financial Officer) António Martinho Ferreira Oliveira Member of the Board of Directors and Member of the Executive Committee

48

Gilberto Silveira Rodrigues Member of the Board of Directors and Member of the Executive Committee João Pedro dos Santos Dinis Parreira Member of the Board of Directors and Member of the Executive Committee Luís Filipe Cardoso da Silva Member of the Board of Directors Luís Valente de Oliveira Non-executive and independent member of the Board of Directors António Bernardo Aranha da Gama Lobo Xavier Non-executive and independent member of the Board of Directors António Manuel da Silva Vila Cova Non-executive and independent member of the Board of Directors

49

Information on transactions of treasury shares, under the terms of Article 66 paragraph 5 subparagraph d) of the Companies Code Pursuant to subparagraph d) of paragraph 5 of Article 66 of the Companies Act, it is stated that on June 30, 2014, MotaEngil, SGPS, SA did not hold any treasury shares. On February 26, 2014, following a process of Private Offering, MotaEngil, SGPS, SA sold all treasury shares held (11,101,379 shares).

Qualified holdings In compliance with the provision of Article 9(1) (c) of CMVM Regulation no. 5/2008, hereunder is the list of the holders of qualified holdings, giving the number of shares held and the corresponding percentage of rights to vote, computed as at June 30, 2014, under the terms of Article 20 of the Securities Code:

Acionistas Mota Gestão e Participações, SGPS, SA

% Capital e direitos de voto

99.090.478

48,42%

António Manuel Queirós Vasconcelos da Mota

5.372.359

2,63%

Maria Manuela Queirós Vasconcelos Mota dos Santos

3.675.066

1,80%

Maria Teresa Queirós Vasconcelos Mota Neves da Costa

3.676.836

1,80%

Maria Paula Queirós Vasconcelos Mota de Meireles

4.484.211

2,19%

42.000

0,02%

116.340.950

56,85%

4.275.000

2,09%

Atribuível à Amber Capital Management LP

4.275.000

2,09%

Invesco Perpetual European Sm Cos

1.715.052

0,8381%

Invesco Perpetual European Opportunities Fund

1.414.606

0,6913%

933.180

0,4560%

Invesco Global Europe Mid Mother Fund

19.604

0,0096%

Invesco Europe Equity Fund

17.599

0,0086%

Powershares FTSE Rafi Dev Markets

9.004

0,0044%

Powershares FTSE Rafi Eur Small-Mid Fund

4.376

0,0021%

4.113.421

2,0101%

Carlos António Vasconcelos Mota dos Santos Atribuível à FM – Sociedade de Controlo, SGPS, SA Amber Capital UK LLP

Invesco Pan European Small Cap Equity Fund

Atribuível à Invesco Limited

50

Nº de ações

Information on transactions by managing directors, in accordance with article 14, no. 7, of the CMVM Regulation No. 5/2008 Disclosure of shares and other securities held by members of the Board of Directors and by key office-holders, as well as people closely related to them, under the terms of article 248-B of the Securities Code, and of transactions thereon made over the course of the financial year. Annex referred to in article 14, no. 7, of the CMVM Regulation no. 5/2008 (position as at June 30, 2015): Detendo ações de MOTA-ENGIL, SGPS, SA

Data

Dirigentes

Qt. António Manuel Queirós Vasconcelos da Mota

Saldo inicial

Preço

MGP, SGPS, SA

Compra / Venda

Bolsa / Fora Bolsa

Compra

Bolsa

5.352.359 5-jan-15

5.674

2,565

5-jan-15

4.326

2,566

Compra

Bolsa

7-jan-15

10.000

2,384

Compra

Bolsa

%

Qt.

FM, SGPS, SA

%

Qt.

%

2,62%

0

0,0%

28.701

34,5%

Saldo Final

5.372.359

2,63%

0

0,0%

28.701

34,48%

Maria Manuela Queirós Vasconcelos Mota dos Santos

Saldo Final

3.675.066

1,80%

0

0,0%

17.902

21,51%

Maria Teresa Queirós Vasconcelos Mota Neves da Costa

Saldo Final

3.676.836

1,80%

0

0,0%

17.902

21,51%

Maria Paula Queirós Vasconcelos Mota de Meireles

Saldo Final

4.484.211

2,19%

0

0,0%

17.902

21,51%

Carlos António Vasconcelos Mota dos Santos

Saldo Final

42.000

0,02%

Saldo Final

12.500

0,01%

Saldo Final

12.435

0,01%

Saldo Final

1.000

0,00%

6.337.640

100,0%

-

-

Luís Filipe Cardoso da Silva Gonçalo Nuno Gomes de Andrade Moura Martins Ismael Antunes Hernandez Gaspar José Pedro Matos Marques Sampaio de Freitas

Saldo inicial

15.577 9-jan-15

2.100

0,01% 2,449

Saldo Final

17.677

0,01%

Saldo Final

2.200

0,00%

Saldo Final

-

-

Alberto João Coraceiro de Castro F.M. - Sociedade de Controlo, SGPS, SA Mota Gestão e Participações, SGPS, SA Saldo Inicial

Saldo Final (1)

98.886.325

48,32%

5-jan-15

1.118

2,648

5-jan-15

5.567

2,649

5-jan-15

1.457

2,658

5-jan-15

30.000

2,660

5-jan-15

5.000

2,650

5-jan-15

25.000

2,640

5-jan-15

1.011

2,563

5-jan-15

10.000

2,560

5-jan-15

100.000

2,570

7-jan-15

25.000

2,384

99.090.478

48,42%

Oferta Particular de Ações

51

52